According to the China Post Securities Research Report, as a leading manufacturer of semiconductor equipment platforms in China, Beifang Huachuang's products cover various core processes such as etching, film deposition, heat treatment, cleaning, gluing, and ion implantation. The process coverage is perfect, and the domestic share continues to increase, and will continue to benefit from downstream production expansion and domestic production substitution processes. On November 22, the company disclosed the 2025 stock options incentive plan, which will help promote the improvement and refinement of the company's medium- to long-term incentive mechanism and enhance talent attractiveness and team stability. The company plans to grant 10,465,975 stock options to incentive recipients, accounting for approximately 1.4446% of the company's total share capital when the draft incentive plan was announced, with a total of 2,306 incentive recipients, including 7 company directors, senior management personnel, and 2,299 key management personnel. Assuming that the company grants stock options at the end of November 2025, the total cost of options to be amortized from 2025 to 2030 is about 2.1 billion yuan. Maintain a “buy” rating.

According to the China Post Securities Research Report, as a leading manufacturer of semiconductor equipment platforms in China, Beifang Huachuang's products cover various core processes such as etching, film deposition, heat treatment, cleaning, gluing, and ion implantation. The process coverage is perfect, and the domestic share continues to increase, and will continue to benefit from downstream production expansion and domestic production substitution processes. On November 22, the company disclosed the 2025 stock options incentive plan, which will help promote the improvement and refinement of the company's medium- to long-term incentive mechanism and enhance talent attractiveness and team stability. The company plans to grant 10,465,975 stock options to incentive recipients, accounting for approximately 1.4446% of the company's total share capital when the draft incentive plan was announced, with a total of 2,306 incentive recipients, including 7 company directors, senior management personnel, and 2,299 key management personnel. Assuming that the company grants stock options at the end of November 2025, the total cost of options to be amortized from 2025 to 2030 is about 2.1 billion yuan. Maintain a “buy” rating.